RBI keeps policy rates unchanged, growth forecast slashed to 5%

The Reserve Bank of India decided to keep the repo rate unchanged at 5.15%. The RBI said it will maintain an “accommodative stance as long as it is necessary”. All members of the MPC voted in favour of the decision.RBI has cut policy rates by 135 basis points so far in 2019. RBI also sharply reduced its growth forecast for 2019-20 to 5%.